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Phillips-Van Heusen to acquire assets of Superba

12
Oct '06
Phillips-Van Heusen Corporation announced that it has entered into a definitive agreement to acquire substantially all of the assets of privately-held Superba Inc, a leading manufacturer and distributor of neckwear in the United States and Canada, for $110 million, subject to adjustment, plus an earn-out over a three-year period based on the earnings of the acquired business for each of the first three years after the closing, with a maximum value of $70 million.

Superba's current year net sales are estimated to be approximately $140 million. The all-cash transaction is subject to customary conditions and governmental approvals and is expected to close January 1, 2007.

Superba's marketing, sales and design organizations are based in New York City and its manufacturing and back office operations are based in Los Angeles.

The company is the licensee for neckwear under many well-known designer and brand names, including Arrow, DKNY, Tommy Hilfiger, Nautica, Perry Ellis, Ted Baker, Ike Behar, Michael Kors, JOE Joseph Abboud, Original Penguin, Jones New York and Hart Schaffner Marx, as well as privatelabel offerings.


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